GCP Asset Backed Income Fund Limited

(the "Company" or "GCP Asset Backed Income")

Novation of investment management agreement

20 April 2017

The Company has today approved the novation of its investment management agreement from Gravis Capital Partners LLP to Gravis Capital Management Limited, as part of the transfer of the investment manager's fund management and advisory business from a limited liability partnership to a newly-incorporated limited company under substantially the same ownership.

All other contractual arrangements in the investment management agreement including fees, term and service provision remain unchanged.

For further information, please contact:

Gravis Capital Management Limited                                                                                    +44 (0)2075181490

Notes to Editors

The Company

GCP Asset Backed Income, which invests in asset backed loans, is a closed ended investment company traded on the London Stock Exchange's main market for listed securities. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective through a diversified portfolio of investments secured against contracted, predictable medium to long term cash flows and/or physical assets which are predominantly UK based.